Littelfuse Completes Acquisition of IXYS Corporation
January 17 2018 - 8:07AM
Business Wire
Littelfuse, Inc. (NASDAQ:LFUS) today announced the completion of
its acquisition of IXYS Corporation (NASDAQ:IXYS). IXYS is a global
pioneer in the power semiconductor market with a focus on medium-
to high-voltage power semiconductors across the industrial,
communications, consumer and medical device markets.
“Today marks a significant step forward in our company strategy
to accelerate growth within the power control and industrial OEM
markets,” said Dave Heinzmann, President and Chief Executive
Officer of Littelfuse. “The combination of our companies brings
together a broad power semiconductor portfolio, complementary
technology expertise and a strong talent pool.”
The transaction is expected to be immediately accretive to
adjusted EPS. Littelfuse expects to achieve more than $30 million
of annualized cost savings within the first two years after
closing. The combination is also expected to create significant
revenue synergy opportunities longer term, given the companies’
complementary offerings and combined customer base.
In conjunction with the close of the transaction, IXYS founder
Dr. Nathan Zommer has been appointed to the Littelfuse Board of
Directors, increasing the size of the board to nine members.
With today’s transaction close, each former IXYS stockholder is
entitled to receive, per IXYS share held immediately prior to the
closing, either $23.00 in cash or 0.1265 of a share of Littelfuse
common stock. In total, 50% of IXYS stock was converted into the
cash consideration and 50% into the stock consideration.
About Littelfuse
Founded in 1927, Littelfuse is the global leader in circuit
protection with advancing platforms in power control and sensor
technologies. The company serves customers in the electronics,
automotive and industrial markets with products that include fuses,
semiconductors, polymers, ceramics, relays and sensors. Littelfuse
has more than 11,000 employees in more than 50 locations worldwide.
For more information, please visit Littelfuse.com.
“Safe Harbor” Statement under the Private Securities
Litigation Reform Act of 1995.
The statements in this press release that are not historical
facts are intended to constitute “forward-looking statements”
entitled to the safe-harbor provisions of the PSLRA. These
statements may involve risks and uncertainties, including, but not
limited to, risks relating to product demand and market acceptance;
economic conditions; the impact of competitive products and
pricing; product quality problems or product recalls; capacity and
supply difficulties or constraints; coal mining exposures reserves;
failure of an indemnification for environmental liability; exchange
rate fluctuations; commodity price fluctuations; the effect of
Littelfuse, Inc.’s (“Littelfuse” or the “Company”) accounting
policies; labor disputes; restructuring costs in excess of
expectations; pension plan asset returns less than assumed;
uncertainties related to political or regulatory changes; the
integration of the recently acquired business of IXYS Corporation
(“IXYS”) and the risk that expected benefits, synergies and growth
prospects of the acquisition of IXYS may not be achieved in a
timely manner, or at all; and other risks which may be detailed in
the company’s Securities and Exchange Commission filings. Should
one or more of these risks or uncertainties materialize or should
the underlying assumptions prove incorrect, actual results and
outcomes may differ materially from those indicated or implied in
the forward-looking statements. This release should be read in
conjunction with information provided in the financial statements
appearing in the company’s Annual Report on Form 10-K for the year
ended December 31, 2016. For a further discussion of the risk
factors of the company, please see Item 1A. “Risk Factors” to the
company’s Annual Report on Form 10-K for the year ended December
31, 2016.
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version on businesswire.com: http://www.businesswire.com/news/home/20180117005745/en/
Littelfuse, Inc.Investor ContactMeenal SethnaExecutive Vice
President and CFO(773) 628-0616orMedia ContactSteve
SchrierCorporate Communications(773) 628-2112
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